Introduction

Modular homes are also known as prefabricated / system-built / factory-built / panel homes. You can find these homes built inside a factory setup. These homes must satisfy the rules and regulations which differ from on-site buildings. While purchasing a modular home, keep in mind about 3 important factors namely price, quality and service.

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Some aspects of modular Homes

• The property appreciates in the value just like a traditional home.

• These are specialized homes where you find factory equipment inside the house, it is based on what the factory manufactures and deals with. These homes can also be used just for an office setup.

• Each home is built with a unique style and architectural design varies. It takes less time for construction completion. Choose the right builder and you can consider a Ranch or Victorian style for your home and you need to pay the full amount to the builder before construction. Hire general contractors for constructing your home. Real Estate scams are increasing day by day, so to prevent from such scams hire a reputed builder and contractors.

• Home loans, insurance, taxes, and resale value, standard zoning regulations are applicable and it is similar to traditional home. The loan can be applied which is valid for a year. You can also avail loans through manufacturers which is an added advantage.

• The homes are usually characterized by ceramic flooring, counter tops, cabinets, and they can be customized according to the buyer’s preference.

• Electrical, plumbing, gasoline are not included in the initial price. The buyer should pay for these facilities separately.

• Kitchen cabinets or bedroom closets will have a metal tag where manufacturing date is mentioned.

• These are energy efficient homes and subsequently you will save a lot on their electricity bills.

How these homes are built?

Find an empty piece of land in a suitable location. Prefabricated homes are built as part-wise in a factory; assembled together and then brought to the destination of the off-site home and fixed. They are placed on a foundation cannot be changed. Inspections are done under the supervision of home inspectors in the factory itself when each part of the home is built.

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Financing

When you apply for construction loan, until the completion of the construction you will pay interest only every month. Once you occupy the home and start living, it becomes permanent mortgage. To apply for the loan,

• Submit your financial overview to the bank, with that information they will decide whether to sanction the loan. Do the same with at least 3 banks to make a comparative assessment on rate of interest.

• Once loan is approved, make a plan on how to make mortgage payments

Conclusion

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